Daily Market Performance 🚀
 IHSG |
 Foreign Flow |
 Kurs USD/IDR |
 Gold |
| 7.939,8 -0,96% | +Rp3,5 triliun | 16.857 -0,02% | 5.276 -0,67% |
 Oil |
 Coal |
 CPO |
 Nickel |
| 81,8 +5,25% | 139,0 +10,45% | 4.181 +0,82% | 17.160 -3,83% |
👋 Stockbitor!
Newcastle coal futures for March 2026 delivery rose 10.4% on Tuesday (March 3) to US$139 per ton, marking the highest level since December 2, 2024, and the largest daily increase in nearly three years, continuing a gain of 8.7% on Monday (March 2).
The increase in coal prices comes as natural gas prices rise as a substitute for coal in the power generation sector. The European benchmark Dutch TTF jumped more than 25% and briefly touched a nearly 50% increase on Monday (March 2), even as the Asian LNG benchmark S&P Global JKM rose nearly 39%.
The surge in natural gas prices was triggered by news that QatarEnergy, the world’s largest liquefied natural gas (LNG) producer, halted LNG production at its Ras Laffan and Mesaieed facilities following attacks by Iranian drones. The Ras Laffan facility alone accounts for one-fifth of global LNG supply, and this is the first shutdown since the facility began operations 30 years ago.
Bloomberg reported that Taiwan – a country highly dependent on Qatari LNG supplies – said it would increase its use of coal-fired power plants if disruptions from Qatar persist and interrupt gas supplies. In 2023, natural gas accounted for approximately 24% of Taiwan’s energy mix.
Key Takeaway
The rise in coal prices is a short-term positive catalyst for coal mining stocks. On Tuesday (March 3), shares of several coal companies gained ground, with Adaro Andalan Indonesia ($AADI) closing up 6.8%, while Bukit Asam ($PTBA) and Indo Tambangraya Megah ($ITMG) rose 6.2% and 6.4%, respectively. In the short term, investors should continue to monitor geopolitical developments in the Middle East that are driving energy prices. Investors should also be aware of domestic regulatory uncertainty regarding plans to cut production quotas for several issuers, increased export tariffs, and increased obligations for the domestic market obligation (DMO).
In the longer term, sentiment for coal prices remains negative. The International Energy Agency (IEA) predicted in December 2025 that global coal demand will decline at a CAGR of -0.6% during the 2025–2030 period, as the transition to renewable energy accelerates and substitution with LNG increases.
💉 Danantara & INA Plan US$200 Million Investment in TPIA Subsidiary
- $TPIA: Danantara and Indonesia Investment Authority (INA) officially signed a capital injection agreement worth US$200 million in Chandra Asri Pacific’s subsidiary, PT Chandra Asri Alkali, as a follow-up to a memorandum of understanding signed on June 17, 2025. PT Chandra Asri Alkali is a subsidiary of TPIA building a chlor-alkali and ethylene dichloride (CA–EDC) plant worth US$800 million, targeted to begin operations in 2027. Separately, Bloomberg reported that TPIA announced a force majeure related to feedstock supply disruptions through the Strait of Hormuz, with the duration of the force majeure still uncertain. TPIA has not yet commented on this news.
- $ANTM: Secretary General of the Indonesian Nickel Miners Association, Meidy Katrin Lengkey, said on Monday (March 2) that Vale Indonesia has been the only nickel company to receive approval for its 2026 RKAB to date, while Aneka Tambang has not yet received approval. Meidy said that ANTM’s RKAB will be approved in March 2026, allowing the company to begin production in April 2026 and be given an opportunity for revision in July 2026. ANTM has not commented on this issue. Previously, the Ministry of ESDM said in February 2026 that it had issued nickel RKABs for the 2026 period.
- $CMRY: Cisarua Mountain Dairy management said during its 2025 earnings call on Monday (March 2) that the company is targeting revenue growth of around 10–15% YoY during 2026 (vs. A 2025 realization of +19% YoY), with a target gross profit margin of around 40–44% (vs. A 2025 realization of 45.3%) and capex allocation of Rp800 billion (vs. A 2025 realization of Rp621 billion). CMRY management said the wide guidance range for gross profit margin is related to the uncertainty that has arisen since the beginning of 2026, including rising raw material prices and concerns about the distribution of whole milk powder amid conflict in the Middle East. For the strategy over the next 5 years, CMRY is targeting revenue growth of +15% CAGR, supported by same store sales growth (SSSG), distribution expansion, and product innovation.
- $ERAA: Erajaya Swasembada reported same store sales growth (SSSG) of +39.2% YoY in January 2026 (vs. December 2025: +36.4% YoY). Meanwhile, Sinar Eka Selaras ($ERAL) reported SSSG of +25.5% YoY in January 2026 (vs. December 2025: +22.3% YoY). The Erajaya Group explained that the strong performance was supported by a low-base effect in January 2025. The low-base effect, combined with holidays/festivities such as the Lunar New Year and Ramadan, is expected to support growth throughout the first quarter of 2026 before being projected to normalize in the second quarter of 2026 with the launch of the iPhone 16 in the second quarter of 2025. On a consolidated basis, the Erajaya Group added 31 stores in January 2026, with ERAA opening 24 stores and ERAL opening 2 stores, bringing the total number of stores in the Erajaya Group to 2,364 as of January 2026.
- $RMKO: Royaltama Mulia Kontraktorindo plans to conduct a rights issue of up to 512 million new shares with a dilution effect of up to 29.06%, with the proceeds intended for working capital. The exercise price and ratio have not been announced. This plan will be discussed at an extraordinary general meeting of shareholders on April 8, 2026.
- $UNVR: Unilever Indonesia announced that it has completed the divestiture of its SariWangi tea business to a non-affiliated party in accordance with an agreement on January 6, 2026. Previously, UNVR announced that the agreed transaction value was Rp1.5 trillion.
- $ASII: Directors of Astra International, FXL Kesuma and Gidion Hasan, each purchased approximately 1.6 million shares and 700,000 shares of ASII at an average price of approximately Rp6,563/share and Rp6,631/share. Following these transactions, the ownership stake of FXL Kesuma in ASII increased from 0.0054% to 0.0094%, while the ownership stake of Gidion Hasan increased from 0.015% to 0.0167%.
